This is why the Conservatives aren’t doing enough to save UK steel

UK import tax for steel remains at 16 per cent [Image: Getty].

UK import tax for steel remains at 16 per cent [Image: Getty].

Neoliberals would have you believe that any increase in the tariff on Chinese steel is protectionism that would harm the economy in the long run.

But this is nonsense.

It seems likely that China is subsidising its steel industry in order to flood the world markets with cheap product. The aim would be to cripple the profitability – and therefore the viability – of non-Chinese steelmakers, and shut them down.

This would leave China alone in the market and able to set whatever price it wanted.

The Americans have spotted this possibility and vastly increased tariffs on Chinese steel.

Here in Europe, apparently the Commission has launched an inquiry.

How long will this investigation last?

What evidence will it examine?

And will the UK steel industry still exist at the end of it?

Recent history is littered with terrible decisions that have harmed the UK as an industrial nation.

It seems likely that Tory choices over steel will soon join them.

The US is slapping import tax of more than 500% on cheap Chinese steel – putting Europe to shame.

America is taking action to penalise Chinese steelmakers accused of dumping supplies on the cheap.

The stinging 522% duty on steel used to make everything from cars to washing machine could come into force as soon as this summer.

But unions and industry leaders accused the UK Government and European Commission of failing steelmakers here by dragging their feet.

The EU import duty on the sort of Chinese steel is just 16 per cent.

The criticism comes despite Europe ramping-up a “steel war” with China.

Brussels last week launched an investigation into whether Beijing is handing its steel producers subsidies.

The alleged dumping of cheap Chinese exports is partly blamed for crippling Britain’s steel industry.

Source: Steel import tax ramped up to 500% in U.S to save jobs – but remains on just 16% in UK – Mirror Online


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4 thoughts on “This is why the Conservatives aren’t doing enough to save UK steel

  1. NMac

    Do the Tories actually want to save the British steel industry? Their dogmatic ideology is opposed to it.

  2. Dez

    Cons are so used to rolling over they have no backbone for anything that looks like they have to do any work to obtain anything. Perhaps they are happy to be screwed when the markets recover and we find we have to pay through the nose for lower quality steel that cannot be trusted…..nothing new there for dozy Cons.

  3. Evan

    To be fair the EU tried to up the rate to 43% or something like that but the UK veto’ed it.

Comments are closed.